Citadel Exploration, Inc (OTCBB:COIL) is seeking acquisition opportunities. Citadel raised $1.39 million through a private placement of 4.09 million shares of its common stock at a price of $0.34 per share. Gross proceeds to the Company will be approximately $1.39 million.

The proceeds from the private placement will be used to fund exploration and development of Citadel's Rancho Grande prospect area in the San Joaquin Basin, its Project Indian located in the Salinas Basin, additional acreage acquisitions, and working capital.